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Assignment 7 Chapter 8 4 Part 2 of 5 3 points Seved Required information [The following information applies to the questions displayed below] In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit B-11. (Leave no answer blank. Enter zero if applicable.) b. Their AGI is $18,600, consisting of $10,000 of lottery winnings (unearned Income) and $8,600 of wages. Eamed income ondt etbook Help
5 Part 3 of 5 3 points Required information [The following information applies to the questions displayed below] In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned Income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-11. (Leave no answer blank. Enter zero if applicable.) eflook c. Their AGI is $28.000, consisting of $23,000 of wages and $5.000 of lottery winnings (unearned income). (Round your intermediate calculations to the nearest whole dollar amount.) Earned income credit
6 Part 4 of 5 3 pants Required information [The following information applies to the questions displayed below. In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-11 (Leave no answer blank. Enter zero if applicable.) d. Their AGI is $28.000, consisting of $5,000 of wages and $23.000 of lottery winnings (unearned Income) (Round your intermediate calculations to the nearest whole dollar amount.) Eamed income cred
Assignment 7 Chapter 8 7 Part of points HOOOK Seved Required information [The following information applies to the questions displayed below) In 2021, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 25 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8.11. (Leave no answer blank. Enter zero if applicable.) e. Their AGI is $10,000, consisting of $10,000 of lottery winnings (unearned incomex Help Save & Exit Subr
exto-cf-mediamheducation.com/Media/Connect Production/bne/accounting/spilker 13e/exhibit 8.11.htm EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) Credit Phase Out for AGI (or earned income Maximum Earned. Maximum Credit (5) (2) Qualifying Children Income Eligible for Credit if greater) Over This Amount Credit % Phase Out Percentage. (1) x (2) Married taxpayers filing joint returns 0 $9,820 15.3% $1,502 $14,820 15.3% 1 10,640 34 3.618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6,728 25,470 21.06 All taxpayers except married taxpayers filing joint returns 0 $9,820 15.3% $1.502 $11,610 4 10.640 3,618 19,520 2 14,950 40 5.980 19.520 3+ 14,950 45 6.728 19,520 Source: Internal Reveme Code. "Res Proc. 2020-45.w.is.gov 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21.427 42.158 47,915 51,464